EPC Blog: The new European Commission is expected to take office on 1 November 2014. A recap of the role of the European Commission in the evolution of SEPA Credit Transfer and SEPA Direct Debit.

In close dialogue with the stakeholder community, the European Payments Council (
) developed, among other things, the
Credit Transfer (
) and
Direct Debit (
) Schemes. It is important to keep in mind that the
carries out the scheme management function subject to legal and regulatory conditions defined by the European Union (
) authorities. The
Blog published on 30 September 2014 (see ‘related links’ below) revisits, specifically, the role of the European Commission with regard to the evolution of the
and
Schemes.

The
and
Schemes must comply with the relevant requirements set out in Article 5 of, and in the Annex to, the ‘Regulation (
) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’ (the
Regulation). Article 13 of the
Regulation empowers the European Commission to amend the technical requirements detailed in the Annex to the Regulation through delegated acts. This means the Commission does not have to seek approval of such amendments from the
co-legislators. These are the European Parliament and the Council of the
. (The Council of the
is the
institution where the
Member States’ government representatives sit, i.e. the ministers of each
Member State with responsibility for a given policy area.)

Going forward, the responsibility to determine amendments of the technical requirements set out in the Annex to the
Regulation will be assumed by the incoming Juncker Commission. On 10 September 2014, President-elect Jean-Claude Juncker announced the Commissioners-designate and the allocation of responsibilities in his team once it takes office for a five-year term. The next step is for the European Parliament to give its consent to the entire College of Commissioners including the President and the High-Representative of the Union for Foreign Affairs and Security Policy / Vice-President of the European Commission. This is preceded by hearings of the Commissioners-designate in the relevant parliamentary committees. Once the European Parliament has given its consent, the European Council formally appoints the European Commission. (The European Council consists of the Heads of State or Government of the
Member States, together with its President and the President of the European Commission.)

Your reactions

If you would like to comment on this article, please identify yourself with your first and last name. Your name will appear next to your comment. Email addresses will not be published. Please note that by accessing or contributing to the discussion you agree to abide by the EPC website conditions of use.